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Texas Attorney General Office Speaks Up to FTC to Please Ban Advance Fees

In a recent article I covered how debt settlement trade associations had returned to the FTC to make their pitch that banning advance fees for debt settlement services was a rotten idea. You can read that article here. A couple of weeks after the trade associations had slogged up to the FTC offices, and after …

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Debt Settlement Companies Put Consumers in a Deep Debt Hole. “They Are a Ponzi Scheme.”

Peter Goodman from the New York Times had a piece published recently, excerpts below. It slayed the debt settlement industry as opportunists and harmful for consumers at large. Those that feel they offer a legitimate and fair debt settlement service are not going to like the long article much. But then again, the good guys …

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The Latest Delivery of TASC and USOBA Debt Settlement Horseshit to the FTC.

There were some recent interesting meetings over at the Federal Trade Commission. These involved the proposed telemarketing sales rules the Federal Trade Commission is going to put forward. The first meeting was with representatives of The Association of Settlement Companies (TASC) and the United States Bankruptcy Alternatives (USOBA) in attendance. At the June 3, 2010 …

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The Easiest and Most Obvious Way to Fix the Debt Settlement Industry and Prevent Regulation

With all the pushing and pulling from the debt settlement industry, TASC, and USOBA over their enthusiastic laments about the debt settlement industry does not need regulation or advance fee bans, one critical point is lost on all, this is an absolutely easy problem to fix. The Current Problem: Consumers languish for years in debt …

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USOBA Suckers Republicans to Influence the Federal Trade Commission Against Debt Settlement Regulations

In a move that flies in the face of protecting consumers at large, the United State Organization of Bankruptcy Alternatives (USOBA) has enlisted the help of the following Republican Members of Congress to attempt to sway the Federal Trade Commission from issuing upcoming rules that will impact upfront fee debt settlement companies. The cover letter …

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What Debt Settlement Trade Associations Have in Common With the Payday Loan Industry – Denial.

I was reading an article on the payday lending efforts to stop legislation that would regulate their industry and I thought the comments made about the payday lobbying efforts had a direct correlation that what has been happening in the debt settlement world, especially with the belief that regulation is dead since the Debt Settlement …

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Text of HR 5387 Version of Debt Settlement Consumer Protection Act of 2010

Here is the text of HR 5387 that was proposed in the House of Representatives. HR 5387 IH 111th CONGRESS 2d Session H. R. 5387 To amend the Consumer Credit Protection Act to provide for regulation of debt settlement services, and for other purposes. IN THE HOUSE OF REPRESENTATIVES May 25, 2010 Mr. GUTIERREZ (for …

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HR 5387 Introduced to Regulate Debt Settlement Services

I don’t have the text of the bill yet but HR 5387 was referred to the House Committee on Financial Services on May 25, 2010. The bill amends the Consumer Credit Protection Act to provide for regulation of debt settlement services. The sponsor of the bill is Rep. Luis Guiterrez, IV of IL and cosponsors …

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Morning After: Debt Settlement Industry Celebrating. “Game On”

It’s May 21, 2010 and in a move that only seems to amplify the arrogance of the party makers in the debt settlement industry, that appear to be no more than profiteers charging consumers tens of thousands of dollars for debt settlement service that are questionably effective and dubiously successful, it’s back to business as …

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Debt Settlement Consumer Protection Act Labeled Anti-Consumer By TASC

May 14, 2009 Here is an recent email that was sent to me at click here that is reported to be sent out by The Association of Settlement Companies to members to try to defeat the Debt Settlement Consumer Protection Act. Three things struck me. To label the bill as anti-consumer is not helpful. There …

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